At December 31, 2016, Corning Company has the following:
Common Stock, $10 par, 10,000 shares authorized, 9,000 issued, 8,000 outstanding
Preferred Stock, $100 par, 8%, cumulative, 1,000 shares authorized, issued, and outstanding
The company did not pay any dividend during 2015 or 2014.
REQUIRED:
Compute the amount of dividend to be received by the common and preferred stockholders in 2016 if the company declared a dividend of $60,000.

Question

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The Answer of At December 31, 2016, Corning Company has the following:
Common Stock, $10 par, 10,000 shares authorized, 9,000 issued, 8,000 outstanding
Preferred Stock, $100 par, 8%, cumulative, 1,000 shares authorized, issued, and outstanding
The company did not pay any dividend during 2015 or 2014.
REQUIRED:
Compute the amount of dividend to be received by the common and preferred stockholders in 2016 if the company declared a dividend of $60,000.

At December 31, 2016, Corning Company Has the Following